State holding checks for big names

By Abigail Goldman

Friday, Feb. 6, 2009 | 2 a.m.

Here’s the state treasurer’s best party trick: Finding you money.

Kate Marshall oversees Nevada’s Unclaimed Property Division — basically, money that’s owed to individuals or corporations by people or companies who can’t find them. Refunds sent to a wrong address, payroll checks from an old job mailed to an old house that end up in the treasurer’s office when all other options are exhausted. Orphan money just sitting around until the owner claims it — which doesn’t always happen, as evidenced by the total dollar amount that’s gone unclaimed since 1980, when the program started: $337 million.

So on Monday, when Marshall gives a presentation to the Senate Finance Committee about these unclaimed assets, she’ll punch up the presentation by handing out claim slips to politicians who have money waiting for them. And many do. In fact, the number of unclaimed assets reported to the treasurer’s office in fiscal year 2008 grew almost 85 percent from the fiscal year prior. Meanwhile, the amount of money paid to people who claimed it doubled: $25 million.

Mary McElhone, Nevada’s deputy treasurer of unclaimed property, chalks this growth up to a number of factors, including an increase in the number of businesses incorporating in Nevada. A company’s unclaimed assets are ultimately sent to the state in which the business is incorporated. The foreclosure crisis is also a contributing factor. More address changes mean more checks lost in the mail.

For politicians, unclaimed assets often pop up after a campaign. One good example is the money owed since 2002 to “The Committee to Elect Lance Malone” — $5,000 from the Excalibur for what’s described only as “accounts payable.” Whoever created the Committee to Elect Lance Malone might know what that money is for, though the man himself — a former county commissioner convicted of bribery — might have a hard time getting it sent to his federal prison cell.

Las Vegas Mayor Oscar Goodman has just shy of $600 waiting for him — a payroll payment from a company called GEPNTV LLC.

When the Sun told Goodman about it, he said: “I think everybody from that company was indicted.”

A second claim, for about $2,100 in stock dividends, also appears to belong to Goodman. The mayor didn’t recognize the name of the company, however, and didn’t seem very interested in sorting it out.

“I don’t need a day job anymore,” he said.

Not all payouts are so promising. Take the case of Metro Undersheriff Rod Jett, who has $2 in “miscellaneous outstanding checks” from Sears Roebuck and Co.

Money not claimed by the end of the fiscal year ends up in the state’s general fund, minus $7.6 million that comes off the top for the Millennium Scholarship Fund. This meant just over $49 million was transferred into the general fund in 2008. Still, if someone puts in a claim for his cash, the treasurer is forced to hand it over, no matter how much time has passed. This is possible because, barring a crazy run on claims, the amount of money coming in is always larger than the amount being paid out.

The legislators in Monday’s Senate Financial Committee meeting have it easy: Marshall is going to physically hand them paper claims to their cash. If they were to visit the treasurer’s Web site — www.nevadatreasurer.gov — they could search for unclaimed money as any citizen can. Just click the button under the online heading that reads, “Looking for your money?” Sometimes the Web site will not disclose the amount waiting to be claimed, but the rightful owner can punch in some pertinent personal information to find out.

Although the Sun doesn’t want to ruin Marshall’s punch line, it’s hard to resist giving a small sampling of Nevada politicians who have money waiting to be claimed. You can thank us later.

• Assemblyman Jerry Claborn, D-Las Vegas: $131.64 from Land Title of Nevada.

• Assemblywoman Ellen Spiegel, D-Henderson: $20 refund from Intuit Inc.

• Assemblyman John Carpenter, R-Elko: $56 from the Union Pacific Corp. and a second, unlisted amount from Morgan Stanley.

• Assemblyman Bernie Anderson, D-Sparks: $500 owed to the “Committee to Reelect Bernie Anderson” from R.J. Reynolds Tobacco Holdings Inc.

• State Sen. Dennis Nolan, R-Las Vegas: Refunds for an undisclosed amount from Best Buy.

• State Sen. Michael Schneider, D-Las Vegas: $500 owed to the “Committee to Reelect Michael Schneider” from a company called FHP Inc.

• State Sen. Sheila Leslie, D-Reno: Refunds for an unlisted amount from Microsoft.

• State Sen. Mark Amodei, R-Carson City: Unlisted amount owed to “Mark Amodei for Senate” from the Venetian.

• State Sen. Debbie Smith, D-Sparks: Unlisted amount from PayPal Inc. for “miscellaneous intangible personal property.”

• Jon Porter, former Republican congressman: $50 from AT&T in “miscellaneous outstanding checks.”

• Sen. John Ensign, R-Nev.: $88.78 from MCI Inc. for “accounts receivable.”

• Clark County Commissioner Larry Brown: $27 from Castle Creek Partners for redeemed stocks/bonds.

• Clark County Commissioner Lawrence Weekly: $950 in cashier’s checks from Community One Federal Credit Union.

• Clark County Manager Virginia Valentine: Undisclosed amount from Clark County for benefit or claim payments.

• Republican congressman Dean Heller: Undisclosed amount from Mirage Resorts Inc. for “accounts payable.”

And, just for the record, the Las Vegas Sun has yet to claim $398.79 in cashier’s checks from Nevada State Bank. The treasurer has had that money since 2000. Marshall can send us a claim slip any time.